8 reasons why your new product deserves a successful launch to maximise revenue

Smart go-to-market strategies for your new product

Launching a new product is a pivotal point for any hardware brand. New products provide potential revenue streams and add to overall brand value. However, it’s easy to get lost in the torrent of new products that hit shelves each year. The good news is that there’s a reason why the $29 billion Australian hardware industry remains highly competitive, with almost 15,000 businesses, including major retail chain stores. [1] It’s a do-it-yourself (DIY) and home-improvement market with a captive consumer base that enjoys discovering new and improved products.

Eight reasons why you should plan your product launch

New products launch both in-store and online every day, so it can be challenging to stand out from the crowd and gain positive coverage and exposure. However, well-planned product launches are worth the effort.

Here are eight reasons why you should plan ahead to maximise your new product’s market reach through a successful product launch.

1. Generate buzz: a well-planned launch creates excitement around the product and shows consumers what they can do with your nifty new tool in their own homes, lives, and businesses. This helps to create a sense of anticipation and curiosity, which will lead to demonstrations and word-of-mouth discussions.

2. Control first impressions: a product launch is the first opportunity for customers to see and experience your new product in person. This is a crucial moment that can make or break the success of the product. When you control the launch, you can control how you test and demonstrate your product, including what is shared to media and consumers.

3. Earn media coverage: there are three types of media: paid media, owned media, and earned media. A successful launch can attract broad media attention, leading to widespread coverage and publicity for the product that is earned, but not paid for through advertising or leveraged across owned channels. The key is to show how the product will improve consumer lives in some way, highlighting key benefits, to pique media interest and encourage their own stories, reviews, and engagement.

4. Establish brand awareness: a launch can help to establish brand awareness and recognition for the product and the company behind it by generating hype that makes your business stand out from the crowd. The potential to work with thousands of hardware stores across Australia gives you access to millions of consumers if you plan your launch well.

5. Generate revenue: a successful launch can generate a significant amount of revenue in the initial period, letting your company recoup some of the research and development costs associated with the product and lead to further investment in future projects.

6. Set the tone: how is your company perceived in the market? A successful new product launch can establish your brand as a leader in the field, particularly if you are showcasing great product hacks. On the other hand, a poor launch can actually damage a brand’s reputation.

7. Customer response: a successful new product launch generates a positive response from customers who are excited about the product and eager to purchase it. Often, customers will share how they use the product through their social media channels, which creates excellent organic buzz.

8. Achieve long-term success: a successful launch can lead to long-term success for your new product, with it becoming a popular and profitable item that will eventually establish itself as a firm consumer favourite.

How to launch a product

Ensuring that your new product launch hits the mark with your consumer base comes down to the time and resources you are willing and able to invest in your launch to yield a strong return.

There are four main ways to maximise the success of a product launch, regardless of whether the business is launching hardware, building products and finishes, home appliances, furnishings, kitchen and bathroom supplies, laundry products, outdoor and garden equipment, power tools, DIY solutions, pet products, lighting, homewares, cookware, or bedding and Manchester.

These are:

1. Develop a go-to-market promotional plan

A strong PR and marketing promotional plan is vital because it is the roadmap for how the organisation will introduce the new product to market.

2. Build anticipation

Pre-launch activities can create a buzz around the product launch.

3. Get creative

A successful product launch is highly dependent on compelling copy and creative imagery that will attract attention and engage target audiences.

4. Drive post-launch engagement

Even with a great product launch, the fact is that 63 per cent of people won’t buy a new product until it has been in the market for a while. [2]

For more information on how to successfully launch a new product, download the whitepaper. To find out how Write Away Communication can help support your business with new product launches, or to help you achieve success through a strong integrated marketing communications and B2B brand strategy, contact the team today.

Bibliography

[1] https://www.ibisworld.com/au/industry/hardware-building-supplies-retailing/1877/

[2] https://customerthink.com/new-study-reveals-importance-of-innovation-to-consumers/